In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.06101; price has moved 3.5% higher since then. The number of traders net-long is 6.2% lower than yesterday and 12.5% lower from last week, while the number of traders net-short is 17.7% higher than yesterday and 27.8% higher from last week. more...
The bid in Crude Oil over the last few sessions has been welcomed news for CAD longs, which benefit when USD/CAD falls. However, the news out of the energy market may not stay supportive for long. On Thursday, OPEC raised their 2017 estimate of supply growth from non-OPEC producers (i.e., US Shale) by 46%, which is a direct threat to the supply curbs put in place by OPEC and Russia and expected to be extended to help rebalance the market. While there has been a bounce in Crude Oil over the last ...
Gold prices have made little net progress over the past four months. Little net progress is typical of a corrective consolidative move. Gold prices, as of today, are still less than a 38% retracement of the December 2016 to February 2017 up trend. A shallow retracement of that nature suggests the longer term bull trend from December is not quite over. Using Elliott Wave theory as a model, the sideways correction that began February 27 is ...
The CAC 40 has opened Wednesday’s trading lower, potentially decline for the third consecutive session after printing a new 2017 high to start the week. Despite this recent string of losses, traders may still consider the CAC 40 technically in an ongoing uptrend. At present the CAC 40 is trading down -0.02%. Leaders for the session include Michelin (+1.25%) and Veolia Environnement (+0.91%). Top Losers for today’s trading include both Vinci (-1.22) and ArcelorMittal (-0.97%). ...
The Euro recoiled from twelve-month down trend resistance against the US Dollar, validating earlier signs of ebbing upside momentum. Confirmation of a larger top implying continuation downward is still pending however as prices test the bounds of the short-term uptrend. A daily close below trend line support at 1.0934 opens the door for a test of the 23.6% Fibonacci retracement at 1.0862. Alternatively, a break above major resistance at ...
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